The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week and is down 0.9% to 5,665.6 points in afternoon trade.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
The Ainsworth Game Technology Limited (ASX: AGI) share price has crashed a further 10% lower to 80 cents. On Friday the gaming technology company released a trading update that warned that revenues and profit before tax would be materially lower for its Australian segment in the first half of FY 2019. Management blamed highly competitive trading conditions and a decline in overall industry demand. As a result, this morning analysts at Macquarie downgraded its shares to an underperform rating and slashed the price target on its shares to 75 cents.
The Citadel Group Ltd (ASX: CGL) share price has fallen 7% to $7.49 despite there being no news out of the specialist in IT security and data management. However, with its shares up 25% over the last 12 months prior to today, I suspect that some investors may be taking a bit of profit off the table. I think Citadel is a great long term option and could be worth a closer look after its recent pull back.
The Galaxy Resources Limited (ASX: GXY) share price is down almost 2.5% to $2.56. This decline comes despite the lithium miner announcing the completion of its US$280 million tenements sale to South Korean conglomerate POSCO this morning. The proceeds from the transaction will be applied immediately towards accelerating the development of its Sal de Vida Project.
The Metro Performance Glass Ltd (ASX: MPP) share price has plunged a massive 30% to 38 cents after the glass products company released its half year results. For the first half of FY 2019, Metro Performance Glass reported a 1% decline in revenue to NZ$140.5 million, an 18% decline in EBIT to $NZ$15.5 million, and a 22% decline in net profit after tax to NZ$9.1 million. Management blamed poor trading results in a challenging Australian market for the declines.
